Global economy seen as being more sensitive to G3: BOK head

Global economy seen as being more sensitive to G3: BOK head

on Dec 31, 1969 @ 7:33 PM

SEOUL, July 24 (Yonhap) -- South Korea's top central banker said Wednesday that countries around the globe are seen as more sensitive to economic conditions facing the group of three major economies in the wake of the global financial crisis.

Bank of Korea (BOK) Gov. Kim Choong-soo said in a monthly meeting with economists that countries are closely watching how economic conditions in the U.S., the eurozone and China will evolve in a bid to seek clues for steering their economies.

"Compared with the past, it seems that countries are seen as being more dependent on G3," the governor said.

His remarks came as financial chiefs from the group of 20 advanced and developing economies (G20) wrapped up their meeting on weekend in Moscow.

The BOK said in a statement that participants at the meeting shared the views that the global economy is likely to post moderate recovery down the road.

But they added that the Korean economy faces uncertainty such as viability of Japan's "Abenomics" and China's possible economic slowdown.

The BOK recently revised up its 2013 growth estimate to 2.8 percent from its earlier forecast of 2.6 percent, saying that the local economy is improving, aided by fiscal and monetary stimulus.